7 Easy Steps To Starting A Business

1 Find a Good Business Idea

A good business idea isn’t just one that turns a profit. It’s one that’s a good fit for you personally,for your target market, and for your location. Hopefully you’re going to be in business for a long time, so pick something you love.

2 Choose the Type of Business You Want To Start

A traditional business isn’t right for everyone. If you want to hit the ground running with a tried-and-tested business model, a franchise may be a better fit for you, or if you like the idea of doing good at the same time, why not a nonprofit, or a social enterprise?

3 Do Your Market Research

One of the best ways to figure out whether or not you’ve hit upon a good idea is to get out and start talking to real people—do they really want a fancy Basque restaurant in their neighborhood or is another donut shop going to be more to their taste?

4 Test Your Business Idea

How do you really know you’ve hit upon a good idea? We use the lean planning methodology to figure this out. Of course, you may also want to get out and talk to real people about what they want and whether or not your product or service solves that need.

5 Write Your Business Plan

While you don’t need a 40-page business plan in order to get your business up and running, if you’re seeking funding, banks and investors may ask for one.

6 Brand Your Business

A strong brand is the key to customer loyalty and higher sales. Now that you know a bit more about your target audience, you’ve got the opportunity—through your brand—to grab their attention.

7 Make It Legal

Before you can open shop and comfortably start doing business, you’ve got to make sure you’ve checked all the necessary boxes. You are going to have to do some things “by the book.”